The CBOE Volatility Index (.VIX) is up 1.75 to 49.31 and approaching the 50 “psych” level after remaining remarkably quiet throughout the morning session. Volume is light, with 9,100 VIX calls and 2,200 puts traded so far.

Ace Ltd (ACE) is down $2.70 to $32.27 and Mar 30 puts have seen interest in recent action. Today’s 4,271 contracts include a multi-exchange sweep of 3,612 contracts at the offer for $1.25. Open interest is 1,443, suggesting opening buy.

NetApp (NTAP) is down 28 cents to $13.31 and 17K calls have traded, almost 9X (871 percent) the expected for this time of day. Most of the volume is in the April 12.5 and 15 calls. Some of the volume might be closing trades as significant open interest already exists in both contracts.

Gamestop (GME) is down $3.3 to $24 after the Silicon Valley Insider wrote an article noting that Amazon.com is getting into the video game trade-in biz, which could represent a threat to Gamestop. GME options are actively traded, with increasing volume seen in March puts at the 25, 22.5 and 20 strikes.

Hologic (HOLX) is down 49 cents to $10.14 and options are actively traded for a second day this week. In contrast to Tuesday, when buyers surfaced in the Jan 2010 calls at the $15 strike, the focus is on June 7.5 puts. Almost 3000 traded, or 3X existing open interest. Looks like buyers paying between 55 and 65 cents to open new positions.

Morgan Stanley shares nearly 6% lower, near 18.29, and a call buyer paid 87.5cents for 12,000 April 25 calls in a possible view to short term upside. Earnings later this month, and this block may add to the 10,000 bought to open for 1.45 last week when shares were near $20.33.

General Electric (GE) is up 31 cents to $7 and sentiment in the options market seems a bit more bullish today after the company’s CFO appeared on CNBC today downplaying the risks to GE Capital, saying the speculation was overdone. Top trade of the day is 10K Jan 2011 puts at the $5 strike for $1.86. Looks like a sale, possibly closing. It coincided with 10K Jan 2010 calls at the 10 strike ask-side for $2.35. Mar 5 puts are the most actives, with 22.5K traded, compared to open interest of 205.8K.

BofA (BAC) Mar 4 and 5 calls are among the most actively traded contracts in the first 15 min of Thursday’s session. After hitting a low of $3.2 early, BAC is trading down 9 cents to $3.5. Looks like buyers paying 10 and 15 cents for Mar 5 calls as a cheap way to play the stock for a possible bounce.

Ford Motors has the largest block in the opening minutes with a buyer of 25,000 Jan 7.5 Calls for 12cents in a likely closing trade as shares trade near $1.75.